New Covid-19 Enterprise Ireland Supports
The Government recently announced new funding supports to help companies respond to Covid-19, including a €200m Covid-19 Working Capital Loan Scheme available through the Strategic Banking Corporation of Ireland (SBCI). In addition to these supports, Enterprise Ireland has a new €5,000 Covid-19 Business Financial Planning Grant to help companies prepare financial plans for their internal needs, banks and the SBCI, as well as strategic consultancy grants and other supports.
For further information on the supports outlined here or for any queries you may have, email the Business Response Unit at email@example.com or contact us at +353 1 727 2088
Covid-19 Business Financial Planning Grant
The Covid-19 Business Financial Planning Grant is a new support for all Enterprise Ireland clients. It is also targeted at those manufacturing or internationally traded services companies that employ 10 or more full time employees. The grant is designed to help companies to develop a robust financial plan, including the preparation of documentation required to support applications for external finance from banks and/or other finance providers (including Enterprise Ireland). The Covid-19 Business Financial Planning Grant, worth up to €5,000, will enable companies to access external support from approved financial consultants to prepare a financial plan to secure the company in the short to medium terms.
The financial plan will:-
- help the company to understand its immediate financial position, secure the finance it requires to survive and provide a framework to sustain the business
- ensure that the company has a framework to identify and manage its costs and gaps in funding
- be 100% funding of up to €5,000 to access an approved financial consultant
- be open to all Enterprise Ireland clients and companies employing 10 or more in the manufacturing and internationally traded services sector
- be open via online application.
Available from Enterprise Ireland. For more information contact your Development Advisor or contact the Covid-19 Business Response Unit at firstname.lastname@example.org
Lean Business Continuity Voucher
The Lean Business Continuity Voucher is available to eligible companies to access up to €2,500 in training or advisory services support related to the continued operation of their businesses during the current pandemic.
The services may be in the form of management advice OR training of management or staff within the company or a combination of both.
Companies can avail of support from a list of approved service providers. It is expected that this support would be delivered online in most cases.
The service provided should focus on the Operations of the company in terms of;
- Crisis response where appropriate,
- Sustaining Operations including process re-engineering (Lean, etc),
- Planning for resilience post crisis.
The Lean Business Continuity Voucher is open to small, medium or large client companies of Enterprise Ireland or Údarás na Gaeltachta (including High Potential Start-ups).
Find out more here, contact your agency advisor or email the Lean & Operational Excellence team in Enterprise Ireland at email@example.com
The National Standards Authority of Ireland (NSAI) has published a guidance document for businesses outlining preventative measures that can safeguard against the spread of coronavirus and mitigate the risk to business operations in the event of infection.
Enterprise Ireland has developed a webinar to support clients to implement the guidelines. The Enterprise Ireland webinar is designed to be a practical tool that will help businesses understand and apply the NSAI Guidelines to the workplace. Click Here to access.
Other Covid-19 Planning Supports from Enterprise Ireland
Enterprise Ireland has a range of other supports for companies who are being impacted by Covid-19. These include:
Strategic Consultancy Grant
The grant funds the hiring of a strategic consultant to support the development and/or the implementation of new strategic initiatives to facilitate business growth.
Covid-19 Act On Supports
The Act On Initiative offers advice, support and access to external consultants on strategic sourcing and transport & logistics.
Key Manager Grant
The Key Manager Grant provides partial funding towards the recruitment of a full or part-time manager with critical skills to support the business and future growth.
Business Process Improvement Grant
The business process improvement grant can be used to support short to medium term company projects that improve efficiencies and business process improvements.
Specific E-marketing support is available through this grant to develop and enhance your company’s capability to use the internet as an effective channel for business development.
Rapid Response Research and Innovation Funding
A Rapid Response Research and Innovation programme to help mitigate the Covid-19 pandemic has been developed by the Government’s Research & innovation agencies including Enterprise Ireland, Science Foundation Ireland, IDA, the Health Research Board and the Irish Research Council.
Find out more here
Available from Enterprise Ireland. For more information, contact your Development Advisor.
Business Continuity Voucher
The new Business Continuity Voucher, available through Local Enterprise Offices, is designed for businesses across every sector that employ up to 50 people. The voucher is worth up to €2,500 in third party consultancy costs and can be used by companies and sole traders to develop short-term and long-term strategies to respond to the Covid-19 pandemic. Find out more here*
* Please note: client companies of Enterprise Ireland, IDA or Údarás na Gaeltachta should contact their relevant agency, which have other suitable supports in place. This scheme is not suitable for clients of Enterprise Ireland, IDA or Údarás na Gaeltachta. This is a restricted scheme with ordinarily one voucher available per business
Other Covid-19 Supports from Government
Short Time Work Support
Is available from the Department of Employment Affairs and Social Protection and is an income support payment for employees who have been temporarily placed on a shorter working week and is intended to help employers during periods of temporary difficulty.
Covid-19 Temporary wage subsidy
A temporary wage subsidy of 70% of take home pay up to a maximum weekly tax free amount of €410 per week is available to help affected companies keep paying their employees. This is the equivalent of €500 per week before tax.
Microfinance Ireland Loans
The maximum loan available from Microfinance Ireland will be increased from €25,000 to €50,000 as an immediate measure to specifically deal with exceptional circumstances that microenterprises are facing.
The Credit Guarantee Scheme
Is a government supported product from the banks for small and medium businesses who have difficulty borrowing from their bank. Businesses can apply for loans of up to €1 million at AIB, Bank of Ireland or Ulster Bank. Loans can be for terms of up to seven years. The scheme provides an 80% guarantee to participating banks which are AIB, Bank of Ireland and Ulster Bank.
Available from the Strategic Banking Corporation of Ireland. More more information visit sbci.gov.ie